Ellavoz Impact Capital and Community Asset Preservation Corporation Launch Ellavoz Neighborhood Homes Fund
NEWARK, N.J., March 9, 2021 (Newswire.com) – Community Asset Preservation Corporation and Ellavoz Impact Capital announced today the launch of the Ellavoz Neighborhood Homes Fund, a $50 million fund targeting single and multi-family residential affordable housing properties for rehabilitation or construction. In addition to diversifying its New Jersey investments throughout at least 17 market challenged communities, the new Fund will also direct its efforts into the states of Florida and New York.
A key partner in the Fund is Community Asset Preservation Corporation (CAPC), the largest not-for-profit affordable housing developer in New Jersey. CAPC will renovate, build, manage and profitably liquidate the real estate investment portfolio. CAPC is a wholly-owned subsidiary of New Jersey Community Capital.
“We are excited to announce the launch today of the Ellavoz Neighborhood Homes Fund,” said Jeff Crum, Chief Investment Officer of New Jersey Community Capital and CAPC. “We believe that social impact investing can act as a powerful driver of economic and community development. Together with Ellavoz, we’re ready to expand investments that provide equitable opportunities to build safe, healthy and affordable homes in underserved communities.”
“Despite the pandemic, this is the fourth Fund launched by Ellavoz in the past 12 months,” said Robert Hutchins, President and CEO of Ellavoz Impact Capital. “We are most excited by this multi-asset fund’s vision of diversifying investments across many promising communities, 17 of which are in New Jersey. Additional communities are in New York, Florida and more to come. Our “shared values”investment strategy has been proven in our ESVOF I and II which were closed as of December 31, 2020.”
The Ellavoz Neighborhood Homes Fund is Community Reinvestment Act credit eligible for participating financial institution investors. In addition, Foundations, Endowments and Employee Benefit Plans can allocate a portion of their portfolios to social impact investments with the fund.
About New Jersey Community Capital
New Jersey Community Capital (NJCC) is a non-profit community development financial institution (CDFI) that provides an innovative toolkit of financial products, programs and services to advance equity and opportunity in underserved communities. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods to ensure that communities can thrive. To learn more, visit www.newjerseycommunitycapital.org and Twitter: @NJCLF.
About Community Asset Preservation Corporation
Community Asset Preservation Corporation (CAPC) is a wholly owned subsidiary of New Jersey Community Capital. CAPC is a non-profit organization that acquires vacant and abandoned properties to stabilize and revitalize communities. CAPC partners with local community builders and contractors to rehabilitate and return properties to productive use as quality, affordable housing. To learn more, visit www.capcnj.org.
About Ellavoz Impact Capital
Ellavoz Impact Capital is the management company for the 3 Ellavoz Shared Values Opportunity Funds, Ellavoz Neighborhood Homes Fund and the Ellavoz Impact Angel Network. The Angel Network represents high net worth individuals, family offices, and businesses that believe innovative investing in underserved communities will result in positive financial and social impact returns.